BP Joins Rivals with Bumper $8.2 Bln Profit BP more than doubled its third-quarter profit from a year earlier to $8.15 billion, lifted by strong natural gas trading, as it expanded its share buybacks by $2.5 billion amid rising calls to increase taxes on the energy sector. The London-based company joins rivals including Shell (SHEL.L),…
Addax exits four oil blocks, NNPC takes over assets The Nigerian National Petroleum Company Ltd announced on Tuesday that Sinopec’s Addax Petroleum Development (Nigeria) Ltd had exited and transferred four major oil mining blocks in Nigeria to the state-owned oil company. Addax began operations in Nigeria in 1998 by signing Production Sharing Contracts (PSCs) with…
Saudi Aramco Q3 Net Income Jumps 39% On Higher Crude Prices Saudi Arabian state oil producer Aramco (2222.SE) on Tuesday posted a 39% jump in its third-quarter net income that beat analysts’ forecasts, boosted by higher crude oil prices and volumes sold. Aramco’s net income rose to $42.4 billion for the three months to Sept….
U.S. Oil Production Nears 12m Barrels/Day U.S. oil output climbed to nearly 12 million barrels per day (bpd) in August, government figures showed on Monday, the highest since the onset of the COVID-19 pandemic, even as shale companies have said they do not see production accelerating in coming months. U.S. crude prices have hovered around…
NAOC JV PROVIDES SUPPORT TO 2022 FLOOD VICTIMS IN NIGERIAN STATES – RIVERS, BAYELSA, IMO AND DELTA NAOC JV distributed food and essential goods to about 260 communities hit by recent floods in the Rivers, Bayelsa, Delta and Imo States in Nigeria. A delegation of the JV led by the General Manager of the Port…
NCDMB Lauds Crestech for Capacity Building, Employment Creation Crestech Engineering Ltd has been applauded by the Nigerian Content Development and Monitoring Board (NCDMB) for its full support towards the capacity building and job creation objectives of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. Mr. Akintunde Adelana, Director, Monitoring and Evaluation NCDMB conveyed…
NNPCL, Akwa Ibom Govt, Hub Solutions Sign MoU for Marine Logistics Base The Nigerian National Petroleum Company Ltd (NNPCL) has signed a Shareholder Agreement with the Government of Akwa Ibom State and Solutions Hub Ltd to develop an integrated logistics hub that can service the Nigerian Upstream Industry and the entire Gulf of Guinea. The…
Chevron Records $11.2 Billion Earnings Chevron Corporation has reported earnings of $11.2 billion for the third quarter 2022, which represents a significant increase when compared with $6.1 billion in the same period 2021. Sales and other operating revenues in third quarter 2022 were $64 billion, compared to $43 billion same period last year. Commenting on…
Sahara Group School of Innovation and Extrapreneurship Breaks Ground at UNILAG The sod-turning ceremony of the Sahara Group School of Innovation and Extrapreneurship Building at the University of Lagos (UNILAG) has opened a world of endless opportunities and global competitiveness for young Africans, Ejiro Gray, Director, Governance and Sustainability, Sahara Group has said. Speaking at…
We knew nothing about naira redesign, says Finance Minister The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has stated cleary that she knew nothing about the recent decision of the Central Bank of Nigeria (CBN) to redesign some naira notes. She spoke barely 48 hours after CBN Governor Godwin Emefiele announced that…
